Redde plc (AIM:REDD) commences share repurchases on July 20, 2017 under the program mandated by the shareholders in the Annual General Meeting held on October 26, 2016. As per the mandate, the company is authorized to repurchase up to 29,353,937 shares, representing 10% of its issued share capital. The company will pay a minimum price of 0.01 pence per share. The maximum price to be paid by the company will be higher of an amount equal to 105% of the average market value of an ordinary share in the company for the 5 business days prior to the day the purchase is made or the value of an ordinary share calculated on the basis of the higher of the price quoted for the last independent trade of and the highest current independent bid for any number of the company’s ordinary shares on the trading venue where the purchase is carried out. The authority hereby conferred shall expire unless previously renewed, varied or revoked on December 30, 2017 or, if earlier, the conclusion of the next Annual General Meeting of the company. As of September 14, 2016, the company had 293,539,370 shares in issue.